Elastic

Elastic Review

Elastic is offered by Elevate Credit, a direct lender founded in 2014 and based in Ft. Worth, TX. It is made possible by a bank partnership with Republic Bank & Trust Company. Elastic is available in 39 states (and Washington, DC).

What APRs does Elastic offer?

Elastic offers a fee or charge based product that starts at 137% APR.

Does Elastic charge an origination fee?

No, they do not charge an origination fee.

An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.

Does the Elastic charge a cash advance fee?

Does the Elastic charge a statement balance fee?

Yes, Elastic can charge a statement balance fee of $5 to $350 each billing cycle. up to 350 each billing cycle.

Does Elastic charge a late fee?

How much can you borrow via Elastic?

Upon approval and based on your credit score, your personal line of credit will be assigned a credit limit of at least $500 and as much as $4,500. .

What do you need to qualify for Elastic?

Elastic does not have or does not disclose a minimum annual income eligibility requirement. Elastic only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Elastic product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Elastic. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Applicants must have an active and valid personal checking account
• Proof of identity
• Proof of citizenship or residence permit
• Proof of residence

What is the estimated funding time for a personal line of credit?

Elastic will typically provide a credit approval decision in less than an hour and fund the line of credit within 1 business day.

Does Elastic report your account activity to credit bureaus?

Yes, Elastic reports your account activity to the following credit reporting agencies:

• Clarity Services

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Is Elastic a legit company?

Elastic was founded in 2014. It is an established company that has been in business for 8 years. Elastic are mostly not recommended by SuperMoney community users.

How to apply for Elastic

• Visit the website.
• Fill in the application form. You will typically need to provide general information such as your name, address, email address, Social Security Number, source of income and employment, and checking account information.
• Check the information is accurate and submit your application.